The city of Glendale has concerns about Renaissance Sports & Entertainment’s bid to buy the Phoenix Coyotes, and they are holding up a possible arena deal key to keeping the team in the Phoenix market.

Some Glendale officials are worried about:

— The lack of equity and personal investments from Renaissance principals in their bid.

— The bid’s reliance on financing and loans from the National Hockey League and private equity investment firm Fortress Investment Group LLC (NYSE: FIG).

— Renaissance using funds from an arena deal with Glendale to pay debt service on their financing.

— A possible relocation of the team to Seattle or another market after a few more years in the West Valley.

A local executive with intimate knowledge with the Coyotes situation said the city has a number of concerns about the Renaissance bid. That includes the group not having “enough skin in the game,” arena management payments being used for debt service on the purchase of the team and worries the group might have long-term plans to move the team to Seattle or another market.

Renaissance has reportedly sought a $15 million per year arena deal to manage city-owned Jobing.com Arena and help facilitate a sale.

The source said Glendale could be open to a $10 million per year arena deal but also wants some concerns about the Renaissance bid addressed—especially using city payments for debt service.

The city has approved a number of arena deals for past unsuccessful Coyotes bidders, including a 20-year, $15 million per year deal with Greg Jamison. The Renaissance plan right now may not include a long-term lease and could give the group an out-clause to move the team after several years.

Quebec City and Seattle are both interested in the Coyotes if the franchise leaves Phoenix. Quebec City is already building an arena. Seattle has one in the works and has also been pursuing an NBA team. Portland, suburban Toronto and Kansas City could also be Coyotes bidders if the team relocates.

“There are a number of markets that have been expressing interest to us over the years and the phone keeps ringing more regularly the longer that the Coyotes situation stays unresolved,” Bettman said in Chicago press conference Wednesday.

Several other officials familiar with the Coyotes saga said the pronouncements from Bettman and NHL deputy commissioner Bill Daly are aimed at prodding Glendale to approve an arena deal, or the team could move.

Another executive involved with a past Coyotes bid said NHL announcements and prodding could also look to put the blame on Glendale if the Renaissance deal falters and the team moves. “I think they are leaving and the NHL is trying to put it on Glendale,” the executive, who asked not to be identified, said.

Bettman repeated Wednesday the NHL wants the team to stay in the Phoenix market but added Jobing.com Arena could be boarded up and the Westgate Entertainment District would suffer if the Coyotes leave.

It is not uncommon for sports leagues—including the NHL and National Football League—to help owners and prospective owners with loans and financing. Jamison’s bid to buy the Coyotes also looked for league financing. Both the NHL and NFL have nonprofit tax status.

The city and Coyotes suitors have had meetings and are trying to forge a deal before the end of the month.

“The city continues working with the Renaissance group as we move forward with a long term solution that is in the best interest of Glendale and our citizens,” said city spokeswoman Julie Frisoni.

City officials declined any further comment on the negotiations.

Glendale budget documents have penciled in a $6 million arena management spending figure. But another local official supportive of the Coyotes deal said the city needs to overcome its concerns including over an out-clause.

“Lets be real here. It’s a subsidy, but it’s in reality a subsidy to save the arena and the Westgate area,” the official said, who also declined to be identified. “They buy five more years at the least to build that area up so it could be self-supporting.”

Mike Sunnucks is a senior writer for Phoenix Business Journal, a sister publication of Sporting News.